Algeria, December 28, 2017

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EFG Hermes seeks 400-500 megawatts renewable energy projects

Energy chief of the bank Bakr Abdel Wahab stated that within the upcoming three years, Egyptian investment bank EFG Hermes is looking to run renewable energy projects reaching 400 to 500 megawatts in the North African country.

By employing Vortex, a green firm, EFG Hermes is presently working on the renewable energy sector throughout Europe.

The chief declared 'we are thinking of establishing a holding company to manage energy projects, like Vortex, but in Egypt.'

The bank is eyeing projects that are valued $250 million as a minimum in investments as it aims to achieve 2000 megawatts by 2020 with assets of $500 million, Abdel Wahab stated.

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